Stocks Caught in Tug of War Between Tech and Rest: Markets Wrap
- Economy grows faster than expected amid solid demand
- Small caps up almost 10% this month, beating tech megacaps
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A renewed rout in the world’s largest technology companies dragged down the stock market in the last few minutes of trading, despite gains in areas that would benefit the most from Federal Reserve rate cuts.
About 300 companies in the S&P 500 advanced — but the index itself fell. While economically sensitive groups such as energy, industrial and financial shares rose, the US equity benchmark’s most-influential sector got hit. The cohort of tech megacaps that has led the bull market continued to largely underperform smaller firms — which have rallied almost 10% in July.